City of Milwaukee officials 'thrilled' about pending Northridge purchase

City of Milwaukee officials are celebrating the pending purchase of the former Northridge Mall property by Bill Penzey, owner of Penzeys Spices, said Rocky Marcoux, Department of City Development commissioner.

“It clearly is a great day for the city,” he said late Wednesday. “I’ve never seen the mayor do a somersault before, but I did today.”

Penzey announced Wednesday that he has reached a deal to buy the shuttered mall for about $700,000, not including the $800,000 that he’s already invested. He plans to use the property for Penzeys Spices operations.

The city has been a strong supporter of the project from the start. Before Penzey expressed interest in 2011, the city had been considering trying to acquire the property and tear the mall down for industrial space, which would have been a large taxpayer expense.

“This is the perfect outcome,” Marcoux said Wednesday. “We’ve been doing a lot behind the scenes to try to advance the cause, but Bill Penzey has been out front.”

The next step is to acquire the private ring road around the mall, Marcoux said. The road and the former Boston Store, most recently a Value City Furniture store, belong to Tucker Development Corp. of Highland Park, Ill. The city and Penzey are trying to facilitate a deal whereby Penzey would buy the Boston Store and the city would assume the ring road, which currently isn’t up to city standards, Marcoux said.

“We’ve got to complete the package,” he said.

Tucker also owns Granville Station, which was carved out of the mall and holds a Pick ’n Save and Menards.

Marcoux called the sale to Penzey one of the most meaningful real estate transfers in the city’s history. The Northridge site is seen as key to reviving the Granville neighborhood around North 76th Street and West Brown Deer Road, which has suffered from many vacancies since Northridge shut down. The neighborhood recently created a business improvement district to build on momentum in the area.

Mayor Tom Barrett also expressed his enthusiasm in an email statement.

“I am ecstatic about today’s development at the former Northridge Mall,” he said. “Bill Penzey has ambitious plans, and the city will work with him to bring his plans to fruition.

“The site has been a drag on Milwaukee’s northwest side for too long. And there is now a renewed reason for optimism. Both the Department of City Development and the Common Council — particularly Ald. Bob Puente — have worked to support this effort, and we all have reason to celebrate today.”